S&P 500 is above its 200-day moving average = Bullish  

S&P 500 is above its 50-day moving average = Bullish

S&P 500 one-month trend: “V” Shaped Rally and Triple Top (one year) at Resistance. It could go in either direction but the odds are higher based on Sunday night futures.

RSI: (S&P 500) @62.37 = Slightly overbought

MACD: Above Zero Line and above Signal Line (Bullish)

Daily Intraday Volatility: 15.08 (Subdued). Volatility remains on the low side.

Last week, I thought it was going to be a wild and unpredictable week, but it was subdued with low volatility. This holiday week is starting off with a bang as the market attempts to hit its all time highs. It might do it this week, but next week could be a different story. I’ll be looking to see if the opening rally holds all day, which would be bullish.

Bottom line: Don’t fight a strong rally, and although we are overbought and in a market bubble, it can get bigger before it eventually pops. That’s why you never short a rally while it’s moving higher.

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For daily results of multiple indicators, read Yardeni Research: https://goo.gl/eT3fzA

For insightful analysis of the stock market, read Lance Roberts:www.realinvestmentadvice.com

For insightful analysis of economic conditions, read Wolf Richter:www.wolfstreet.com